This bill proposes revisions to the tax rates for Class Four residential and commercial properties in Montana by amending Section 15-6-134 of the Montana Code Annotated (MCA). The key changes include a reduction in the tax rate for class four residential property from 1.35% to 0.73% of market value, and a new tax rate of 1.23% for the portion of single-family residential dwellings valued over $1.5 million, as well as for commercial properties. Additionally, the language regarding the taxation of land and improvements has been updated, specifically changing "upon" to "on" in two instances.

The bill also establishes an immediate effective date upon passage and approval, and it includes a provision for retroactive applicability to property tax years beginning after December 31, 2024. This means that the new tax rates will be applied to property taxes assessed for those years, potentially impacting property owners and tax revenues in the state.

Statutes affected:
LC Text: 15-6-134